Elon Musk sells another huge chunk of Tesla shares

Celebrity Gig

[ad_1]

Anadolu Agency | Anadolu Agency | Getty Images

Tesla CEO Elon Musk sold about 22 million more shares in his electric vehicle business, which were worth around $3.6 billion, according to a financial filing out Wednesday night. The transactions took place between Monday and Wednesday this week according to the filings with the Securities and Exchange Commission.

READ ALSO:  Elon Musk takes stage at Tesla Cybertruck deliveries event in Austin

Earlier this year, Musk told his millions of followers on social media that he had “no further TSLA sales planned” after April 28.

However, he continued to sell portions of his sizable holdings in Tesla after agreeing to buy Twitter in a deal worth around $44 billion. The acquisition closed in late October. Musk, who is also CEO of SpaceX, a major defense contractor, immediately appointed himself CEO of the social media company.

READ ALSO:  Amazon, Meta and Google buy more clean energy than any other companies

After Musk’s Twitter takeover, he told employees there that he sold Tesla shares to “save” their business.

Tesla shares have been declining this year, and sliding even further since he took on that new responsibility.

Shares of Tesla closed down 2.6% on Wednesday at $156.80, dropping the company’s market capitalization to $495 billion. Tesla shares were down 55% year-to-date as of Wednesday’s close.

READ ALSO:  Standard Chartered-owned crypto firm Zodia launches in Hong Kong

This is a developing story. Please check back for updates.



[ad_2]

Categories

Share This Article
Leave a comment